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The Southern Company (NYSE: SO) is a prominent American gas and electric utility holding company headquartered in Atlanta, Georgia, with executive offices in Birmingham, Alabama. As of 2021, it ranks as the second-largest utility company in the U.S. by customer base, serving around 9 million customers. The company's operational footprint spans vertically integrated electric utilities in Georgia, Alabama, and Mississippi, and natural gas distribution utilities in four states. This robust infrastructure includes 50 gigawatts of rate-regulated generating capacity, primarily designated for customer service in these states. Moreover, its subsidiary Southern Power owns 13 gigawatts of natural gas generation and renewable energy facilities across the U.S., selling electricity primarily through long-term contracts.
Southern Company’s commitment to innovation is highlighted by several recent initiatives. Notably, it reported significant financial achievements for 2023, with fourth-quarter earnings of $855 million, or 78 cents per share, compared to a loss in the same period in 2022. The company also completed Plant Vogtle Unit 3, the first new nuclear unit in the U.S. in over three decades, and recently announced that Plant Vogtle Unit 4 has achieved commercial operation, solidifying its position as a leader in clean energy production.
In terms of sustainability, Southern Company is heavily investing in renewable energy projects. The South Cheyenne Solar Facility in Wyoming, the company's 30th solar facility, recently became operational, adding to Southern Power's solar portfolio, which now exceeds 2,740 MW. The company also envisions a significant expansion of its solar and renewable capacity, aiming to reach approximately 20,000 MW by 2030 as part of its net zero greenhouse gas emissions goal by 2050.
Southern Company is also deeply involved in innovative community projects. For instance, Nicor Gas, a subsidiary of Southern Company Gas, recently launched Smart Neighborhoods™ in Aurora, Illinois, emphasizing affordable net-zero energy communities. Furthermore, the company has partnered with WeaveGrid to promote electric vehicle (EV) adoption by introducing programs that simplify home charging and offer utility incentives in Alabama and Georgia.
The company's dedication to community and diversity extends to initiatives like the UNDERRATED Golf Tour, aiming to provide opportunities to aspiring golfers from underrepresented backgrounds. Southern Company’s commitment to integrity, excellence, and respect is mirrored in its partnership with this tour, underlining its broader mission to foster inclusion within the communities it serves.
Southern Company’s corporate culture and hiring practices have earned national recognition from Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, and the Human Rights Campaign, showcasing the company's focus on excellence and innovation. Through ongoing investments in clean energy, smart technologies, and community development, Southern Company continues to transform energy into economic, environmental, and social progress for a sustainable future.
Southern Company received an A- score from the CDP for environmental transparency, maintaining its position for the second consecutive year, up from a B in 2019. The company aims for net zero greenhouse gas emissions by 2050 and a 50% reduction by 2030, expecting to exceed this goal by achieving over 50% reductions by 2025. CDP's assessment highlights Southern Company's commitment to sustainability and transparency.
Georgia Power and Microsoft announced over $200,000 funding for Clark Atlanta University's Makerspace and Advanced Manufacturing Lab. This initiative allows students to develop a solar-powered generator aimed at providing backup energy for their campus while enhancing skills in renewable energy. The funding also explores solar capabilities for Wi-Fi access and supports local communities. Bentina Terry from Georgia Power emphasized commitment to workforce development, while Microsoft highlighted its focus on sustainable community empowerment.
Georgia Power Foundation has announced $500,000 in grants over five years to support UNCF initiatives for HBCUs. This funding aims to enhance access to college education for under-represented students and increase African American college graduates. Over the past decade, Georgia Power has contributed $1.2 million to UNCF, including a recent $10 million commitment by Southern Company for HBCU student incentives. Additionally, Georgia Power is investing $87 million for racial equity and social justice initiatives in Georgia as part of a broader $225 million commitment by Southern Company.
Southern Company Gas announced the election of Bret Lane, former chairman and CEO of SoCalGas, to its board of directors, effective Q4 2021. Lane brings over 38 years of experience in the gas utility sector. His previous role included overseeing a $1.5 billion capital deployment for enhancing safety and reliability at SoCalGas. The company, a subsidiary of Southern Company (NYSE:SO), serves approximately 4.3 million natural gas utility customers across four states, alongside other nonutility interests.
Georgia Power and Microsoft announced a joint investment exceeding $200,000 to enhance Clark Atlanta University's Makerspace and Advanced Manufacturing Lab. This initiative aims to equip students with skills in renewable energy, focusing on building a solar-powered generator to serve as a backup energy source for the campus. Additionally, the program will provide students with opportunities to innovate in solar technology, including Wi-Fi access and 5G infrastructure. Georgia Power's commitment to social justice includes a broader investment of $87 million in initiatives to advance racial equity in Georgia.
Georgia Power, in collaboration with Governor Brian Kemp and the Georgia Department of Economic Development, has welcomed Rivian to Georgia. Rivian plans to establish a nearly 13 million square foot manufacturing plant for electric vehicles and batteries near Social Circle. This development is part of Georgia's Electric Mobility Innovation Alliance, aimed at boosting the electric transportation industry and creating jobs. The state is currently home to over 200 automotive facilities, contributing more than $3 billion annually, and ranks sixth nationally for electric vehicle charging infrastructure.
The Nicor Gas Career Academy has graduated over 120 students from its job-readiness program, designed to prepare participants for entry-level roles in the utility industry, particularly in natural gas. Notably, the sixth cohort graduated 24 participants, marking the milestone of 100 graduates since inception in 2018. The program focuses on essential skills, including safety and employability, and has achieved a 50% employment rate among participants. Recognized with the 2021 Impact Award from the Center for Energy Workforce Development, the academy aims to address workforce readiness as 35% of Nicor's workforce is projected to retire in the next decade.
Southern Company announced a $10 million grant from its foundation to enhance collaboration with INROADS, UNCF, and the Thurgood Marshall College Fund. This initiative is part of a broader $50 million commitment aimed at supporting HBCU students through scholarships, internships, and leadership development. The funding seeks to bolster opportunities in fields like STEM and urban planning, ultimately striving to bridge the opportunity gap for underrepresented talent. This collaboration aims to improve career readiness and representation in executive roles for HBCU graduates.
On December 7, 2021, Alabama Power and Mercedes Benz U.S. International received approval for the 80-megawatt Letohatchee Solar Project in Lowndes County. This initiative, under a 15-year contract, aims to supply renewable energy credits to MBUSI while Alabama Power will procure the electricity generated. The project is expected to create approximately 300 construction jobs and generate over $9 million in local tax revenues. Commercial operations are anticipated to start in March 2024, supporting both companies' commitments to sustainable energy and economic development in Alabama.
Georgia Aquarium has partnered with Georgia Natural Gas (GNG) to introduce an interactive feature in its southern sea otter exhibit. The new installation includes two games that educate visitors on the environmental role of southern sea otters in reducing carbon emissions. Through these games, guests learn about the ecological significance of kelp forests and the impact of sea otters on maintaining them. GNG's Greener Life program will also be highlighted as a means for visitors to offset their natural gas usage. This initiative aims to foster environmental awareness and conservation efforts.
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